lilly90
Joined: 2/9/2023
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RE: If a tax return is needed for foreign income less than allowance
Hello, I'm a UK Tax resident and domiciled in the UK. I have some questions regarding my tax situation: 1. I earned wages in the UK, and my Income Tax Band is Basic rate. 2. I received about £600 in interest from a foreign bank account due to investments in Italian Treasury Bonds. I understand that the Basic rate Personal Savings Allowance (PSA) is £1,000. My questions are: - Does the £600 foreign interest the count towards the PSA? - Do I need to file a self-assessment tax return for this foreign income, even if it's less than £2,000? Thank you for your help. Lili